Crypto Market Watch: Why Notcoin, ZkSync, and Toncoin May Decline This Week?

Crypto Market Watch: Why Notcoin, ZkSync, and Toncoin May Decline This Week?

The post Crypto Market Watch: Why Notcoin, ZkSync, and Toncoin May Decline This Week? appeared first on Coinpedia Fintech News

Top crypto-tokens continue to trade under a bearish influence with the market leader, Bitcoin price recording a low of $62,128.03 with a drop of 3.13% in valuation. This highlights an increased selling-over-buying pressure in the cryptocurrency market.

Moreover, top altcoins have experienced a similar trend by recording significant corrections in their respective portfolios. Further, tokens such as Toncoin, Notcoin, and ZkSync have each recorded a correction of 4.85%, 14%, and 11.01% over the past day.

With the currency market sentiment, will altcoin make a comeback this week or plunge toward their crucial support levels? Dive in as, in this article, we have cornered in-depth market sentiments and price analysis of Toncoin (TON). Bitcoin (NOT), and ZkSync (ZK) tokens for this week.

Toncoin Price Forms A Channel Pattern:

The TON price has been trading under a positive influence since the start of May, indicating a strong bullish sentiment for the altcoin. Moreover, with a jump of 16.39% in valuation over the past month, the Toncoin has formed an ascending channel pattern and continues to trade within it.

However, over the past week, the altcoin has failed to surpass its important resistance level of $7.680, resulting in a cool-off in the price action.

The Moving Average Convergence Divergence (MACD) displays a constant red histogram, indicating weak buying and selling pressure for the TON coin price. Moreover, the averages show a steady downtrend, highlighting uncertainty in future price action for the altcoin.

On the other hand, the EMA 50-day constantly supports the price chart in the 1D time frame, highlighting mixed sentiments for the Toncoin price in the cryptocurrency market.

If the market pushes the price of Toncoin crypto above the resistance level of $7.680, the bulls will continue to gain momentum and attempt to test for a new all-time high (ATH) this week. Conversely, if the bears overpower the bulls, the TON price will plunge toward its support trendline.

NOT Price Records A Bearish Reversal:

Despite Toncoin recording a bullish sentiment, the Notcoin price continues to trade under a bearish note by recording a correction of 12.41% within the past day and 26.88% over the past week. Further, the altcoin has formed a descending channel pattern, suggesting a negative outlook.

The Simple Moving Average (SMA) has recorded a negative crossover in the 4H time frame, suggesting a weak bullish sentiment for the Notcoin price in the crypto space.

Moreover, the technical indicator, RSI, failed to surpass its mid-point, resulting in it experiencing a sharp fall toward the oversold range. Furthermore, the average shows a bearish convergence, suggesting the NOT coin price will continue losing value in the coming time.

If the bulls regain momentum, the Notcoin token will regain momentum and head toward its resistance level of $0.01830 with a breakout pattern. However, if the bears continue to dominate the market, the NOT crypto will drop toward its crucial support level of $0.00925.

zkSync (ZK) Price Analysis:

ZkSync is a trustless Layer-2 (L2) protocol for scalable low-cost payments on Ethereum. Built on the zkRollup technology with the primary purpose of increasing Ethereum’s throughput and conserving its foundational values.

The ZK token has experienced increased selling pressure with more than 45% of the supply airdropped being claimed. Reportedly, over 3.65 Million tokens from over 695,000 eligible users were rewarded with zkSync Era or zkSync Lite.

The MACD has displayed a rising red histogram with its averages showing a bearish convergence in the 4H time frame. This highlights the increased negative influence on the zkSync crypto in the market.

If the market pushes the zkSync price above the resistance level of $0.168, the bulls will regain momentum and prepare to test its upper resistance level of $0.2050. Negatively, if the bears continue to overpower the bulls, the ZK coin price will plunge toward its low of $0.1325.